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Taxation of Undisclosed Income under Income Tax Law (As Amended by Finance Act, 2021)

Taxation of Undisclosed Income under Income Tax Law (As Amended by Finance Act, 2021)

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Description
In the recent years, probably no economic issue has covered more space than Black Money. The unaccounted income commonly spoken as black money is income from the parallel economy and is known by different names: informal, unofficial, irregular, second, underground, subterranean, hidden, invisible, unrecorded or shadow economy. The unaccounted or black economy means different things to different people. This Book aims at discussing tax treatment of all sorts of incomes from undisclosed sources. The whole book has been devised with the objective of providing a thorough and analytical study of the provisions which are generally sought to be invoked by tax authorities at the time of carrying out a scrutiny assessment or while completing the assessment in pursuance of a search or survey under the Income Tax Act, 1961. Undisclosed income is the income which the assessee has not shown in the Income Tax Return and thereby not paid income-tax on it. The primary objective of the Income-tax Department is to detect such undisclosed income and bring the same under the tax net.
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Contents
Chapter 1    Introduction
Chapter 2    Generation undisclosed Income by Manipulation of Accounts
Chapter 3    Unexplained Cash Credit
Chapter 4    Cash Deposits in Bank
Chapter 5    Deposit Found in Foreign Bank Account
Chapter 6    Peak Credit Theory
Chapter 7    Theory of Telescoping in Determining the Taxablity of Undisclosed Income
Chapter 8    Surrounding Circumstances and Test of Applying Human Probabilities
Chapter 9    Credits in Firm's BooK
Chapter 10  Unexplained Investments
Chapter 11   bogus Purchases
Chapter 12  Share Capital, Share Application Money and Share Premium
Chapter 13  Bogus Capital Gains from Penny Stocks
Chapter 14  Unexplained Money, Etc.
Chapter 15  Amount of Investments, Etc. not of fully Disclosed in Books of Account
Chapter 16  Unexplained expenditure
Chapter 17  Amount Borrowed or Repaid on Hundi
Chapter 18  Unaccounted Purchases & Sales
Chapter 19  Discrepancies in Stock
Chapter 20  Payment of On-money for Purchase of Property
Chapter 21   Gifts
Chapter 22  Assessment of Undisclosed Income as a Result of Search
Chapter 23  Tax on Income Referred to in Section 68 or Section 69 or Section 69A
                       or Section 69B or Section 69C or Section 69D
Chapter 24  Penalty on Undisclosed Income
Chapter 25  The Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015
Chapter 26  Client Code Modification (CCM)
Chapter 27  Concept of Real Income Theory under Income Tax Laws
Chapter 28  Amnesty & Voluntary Disclosure of Income Scheme
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Author Details
Ram Dutt Sharma
was born on 27th June, 1958 in Narnaul, Haryana. He got rds post-graduation from M.D. University, Rohtak in 1980. He joined the Income-tax Department in the year 1983and retiredas Income Tax Officer on 30.06.2018. He worked at various stations of North-West Region of Income-tax Department. He has wide experience of all wings of Income-tax Department such as Assessment Unit, Special Range, TDS Wing, Investigation Wing, etc. He has been Contributing articles and addressing on topics relating to Income Tax at Direct Tax, Regional Training Institute, Chandigarh. He has also addressed number of seminars organized by the Income-tax Department, Chartered Accountants, Advocates and various Trade Associations.
He is also author of following books:
(i) Computation of Income from Salary under income-tax law with tax
planning;
(ii) Computation of Income from House Property; (iii) Formation and Management of Charitable and Religious Trust,
Educational and Medical Institutions under income-tax law; (iv) Taxation of Non-Resident Indians under income-tax law; (v) Understanding - Taxes in India; (vi) Computation of Income from Capital Gains; (vii) Law and Procedure of Filing of Appeals under Income-tax Law; (viii) Computation of Depreciation under Income-tax Act, 1961 &
Companies Act, 2013;
(ix) Escapement of Income under Income-tax Law; (x) Taxation of Income from other Sources; (xi) Law relating to Income-tax Survey; (xii) Taxation of Undisclosed Income under Income-tax law; (xiii) Deduction of Tax at Source (TDS) & Collection of Tax at Source (TCS); (xiv) Taxation of Income from Business or Profession; (xv) Formation, Management & Taxation of Hindu Undivided Families (HUF);
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